Video: State To End Fiscal Year With Surplus Budget

UNDATED, Miss. (WCBI)-The end of the fiscal year is later this month and the state is poised to end the year with a substantial surplus based on May tax collections. For May, the state collected 170.9 million, or 44.5 percent, more than what the state’s fiscal leaders projected. Those official projections were used during the 2012 legislative session to fund state government for the current fiscal year. Individual income taxes collected in April were not recorded until May resulting in a glitch that over looked those taxes collected. In March, House leaders wanted to increase the estimate for the current year, making some of those funds available for the 2013 Legislature to appropriate, but the Senate leadership would not consent. Now much of those funds will be available for the 2014 Legislature to appropriate for the fiscal year beginning next July.